Customers and Entities

While almost any type of account is potentially vulnerable to money laundering or terrorist financing, certain customers, products or services may pose specific risks. Regulators are working together to provide uniform guidance to address high risk activities. FFIEC examination guidelines identify certain activities as high risk, including:

* Private banking
* Payable through accounts
* International correspondent bank relationships
* Electronic banking
* Significant and International funds transfer activity
* Non-bank financial institution relationships
* Deposit broker activity
* Special use/concentration accounts

In addition, certain types of accounts are considered high risk, including:

* Cash intensive businesses
* Dealers in precious metals, stones or jewels
* Pawnbrokers
* Loan or finance companies
* Car and boat dealers

This entry was posted on Sunday, January 13th, 2008 at 2:31 pm and is filed under BSA Risk Assessments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.